Question from Newby ?

[Gulfman]

Hi Friends,

Many ppl don't know much about IRA's and especially Self-Funded IRA"s.

• Is it possible to get paid for helping someone setup an IRA?
• Do you need a special lic. to do this?
• I know Attorney's get paid to do estate's (setup trusts, etc), but not sure what is required to help ppl setup their IRA's....Anyone know?

Thanks for your constructive input...

 

[DHK]

http://www.irs.gov/pub/irs-pdf/p590a.pdf

http://www.irs.gov/pub/irs-pdf/p590b.pdf

Setting up an IRA is as easy as setting up an account or an annuity. You simply title the account to the individual and designate it as an IRA or a Roth IRA.

It's not like you're setting up a trust - as an attorney would do.

You are paid according to your licensing and the product you sell.

If you sell an annuity and title it to the IRA, you are paid according to the contribution made.

If you sell mutual funds and title it to the iRA, you are paid according to the share class of funds and your b/d grid, according to the contribution made.

All IRAs are "self-funded" unless you work for a self-employed individual who is funding a SEP-IRA who has to fund an IRA for his employees.

You probably meant self-directed. There are some companies that specialize in Self-Directed IRAs which help you to use the funds to buy real estate and other more complex transactions.

 

[Gulfman]

Yes....sorry, i meant Self-Directed IRA.

http://www.irs.gov/pub/irs-pdf/p590a.pdf

http://www.irs.gov/pub/irs-pdf/p590b.pdf

Setting up an IRA is as easy as setting up an account or an annuity. You simply title the account to the individual and designate it as an IRA or a Roth IRA.

It's not like you're setting up a trust - as an attorney would do.

You are paid according to your licensing and the product you sell.

If you sell an annuity and title it to the IRA, you are paid according to the contribution made.

If you sell mutual funds and title it to the iRA, you are paid according to the share class of funds and your b/d grid, according to the contribution made.

All IRAs are "self-funded" unless you work for a self-employed individual who is funding a SEP-IRA who has to fund an IRA for his employees.

You probably meant self-directed. There are some companies that specialize in Self-Directed IRAs which help you to use the funds to buy real estate and other more complex transactions.

 

[Newby]

Hi Friends, Many ppl don't know much about IRA's and especially Self-Funded IRA"s. [*]Is it possible to get paid for helping someone setup an IRA? [*]Do you need a special lic. to do this? [*]I know Attorney's get paid to do estate's (setup trusts, etc), but not sure what is required to help ppl setup their IRA's....Anyone know? Thanks for your constructive input...

Dave Ramsey has found a way to get paid giving unprofessional advice.

But you will be better off getting licensed to do what you want to do.

 

[Gulfman]

Thank you Newby

...Now what lic. are you referring to?

Dave Ramsey has found a way to get paid giving unprofessional advice.

But you will be better off getting licensed to do what you want to do.

 

[DHK]

Life & Health to sell fixed and indexed annuities.

Series 6/7/63 with Life & Health to sell variable annuities or mutual funds. 7 for individual stocks, bonds, ETFs, etc.

Series 65 or 7/66 with Life & Health to sell wealth management solutions and fee-based variable annuities.

 

[Gulfman]

Ok....thank you sir.

QUESTION: "Do i need a securities lic. to help people setup a Self Directed IRA?"

I believe all you need to do that is become affiliated with a "custodian"---correct?

Life & Health to sell fixed and indexed annuities.

Series 6/7/63 with Life & Health to sell variable annuities or mutual funds. 7 for individual stocks, bonds, ETFs, etc.

Series 65 or 7/66 with Life & Health to sell wealth management solutions and fee-based variable annuities.

 

[DHK]

You don't need a securities license to set up an IRA.

You need a securities license to sell securities within the IRA.

You keep using the term "self-directed". The only time I hear about "self-directed" IRAs are when people want to leverage their IRA into real estate. That's beyond what most custodians (RIA) or broker/dealers do.

Self-directed IRA - Wikipedia, the free encyclopedia

If you want to affiliate with a custodian, you'll need:
- A series 65
- Obtain E&O
- Form your RIA (you can use riainabox.com or other similar service)
- Contact custodians and establish a relationship with them

There are a number of custodians out there. TD Ameritrade, Charles Schwab, TradePMR and others.

All that being said, that doesn't mean that they are set up to help your clients to use their IRA to buy Real Estate.

In that instance, Google is your friend.

 

[KidsGotHeart]

Dave Ramsey has found a way to get paid giving unprofessional advice.

But you will be better off getting licensed to do what you want to do.

That's for entertainment only, he even says so.

 

[Norwayguy]

That's for entertainment only, he even says so.

Does he say it or just the disclosure?